This paper shows that analysts' herding forecasts are accompanied by significant return reversals of 116 basis points … per month, while anti-herding forecasts render reversals insignificant. These results are magnified among illiquid stocks … and during high VIX months. Since analyst herding is specific to covered firms, we are also able to examine information …

when they make stock recommendations. Our empirical results support the herding hypothesis. Stock price reactions following …

Using a multi-national dataset, we investigate the herding behaviour of financial analysts. Our results across a range … that are biased by anti-herding. Furthermore, the level of bias (i.e. anti-herding) seems to be systematically higher for … results show that increasing levels of investor protection and corporate governance mitigate the anti-herding behaviour …

important implications for market efficiency. Identifying any contributing factor(s) for financial analyst herding behavior can … association is found between firm-specific intangible asset intensity and financial analyst herding behavior. Our findings …